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The trends that worked in 2019 will be carried forward to 2020. The ones that did not work were due to misjudgement and lack of implementation. There were substantial improvements in Omni channel retail and Cognitive/Artificial Intelligence computing, but techniques like card-less checkout and smart beacons still need lots of refinements. Few of these technologies are still percolating and will likely continue to mature in 2020.
Going with the love for a seamless experience in digital transformation visual search and social shopping will emerge in the coming times. Being able to click pictures of a dress that you find someone wearing downtown street – to be able to click the purse that your favorite social media influencer is a holder in their recent post on Instagram – such things will keep e-tail booking in 2020. Artificial Intelligence (AI) is taking the lead in these technologies, making things like visual search possible.
From a platform standpoint, Pinterest and Instagram have been of some help to serious customers who were keen on social shopping. As more and more integration opportunities for bigger retail platforms both brick and mortar and virtual arise, existing members can see the outfits on real customers and click on an entire or portion of an outfit to have it included in a future delivery.
In 2020 smaller stores will continue to work competing for their small share against Amazon, which has been crushing the market like an unassailable lead. But if these technologies and strategies are used effectively, they may be able to suffice for a bigger piece of the retail as well as for e-commerce market niches.
All these new e-commerce application trends are poised to change how businesses need to operate in 2020.
Every online shopper wants its products to reach them at the earliest. In the case of Amazon online shopping, if an item does not qualify for “Fulfilment by Amazon” they lose on a large share. Customers need a substantial reason to return to an online platform. An earlier delivery, secure returns, easy replacement, and refund policy can garner success.
Items supplemented with great descriptions, beautiful photos, and impressive customer reviews can all help to justify the charges, more than their competitors. Ability to optimize what you charge, modify a product’s strategy according to the changing demands (competitive pricing, supply, and demand, industry trends, etc.) – will change your products’ prices over time. This will help in fetching better profit margins as well as sales.
Cross border e-commerce still accounts for just 20% of total online sales, with most of the businesses limiting their reach to their country or continent at large. A business needs to embrace newer domains, and need to increase their market reach, multiply their potential and become poised to welcome that kind of new business, to stay out of reach of your competitors. You aren’t unaware that the rest of the globe exists. But it could be the logistics or security concerns. Exploring global currencies, payment options, languages to receive secure cross-border payments – global e-commerce needs to set new standards.
Automating the platform to answer customer queries, scaling different modules and features, leveraging FBA, voice search, mastering dynamic pricing and embracing cross-border e-commerce can all free up the manpower on the types of challenges that require their expertise.
Voice-based search is not commonplace, but are soon becoming a considerable option with greater adoption rates and becoming one of the most important ways for reaching out to audiences.
Having said all of this, mobile phones are not just the future but a basic requirement for e-commerce operations. Mobile applications and wallet payments further scale the requirement making it convenient for the users to utilize their time to the fullest focusing on more essential tasks in hand. Furthermore, product/service personalization according to the user’s purchase behavior makes for a reliable purchase. Researching online and buying offline and vice versa are some other trends that are emerging in the coming times. It isn’t evolution and a considerable need of the hour. This becomes a possibility with varying competitor prices, availability at the nearest store and timeliness of product delivery. Additionally, subscribing for daily essentials goes a long way, removing the hassles of timely payments and on-time/demand deliveries e.g.: baby care products, feeding essentials, and bath essentials, etc. This can even forecast, costs, profits, and revenues.
2020 will be the year to celebrate the efforts of businesses into mature technologies. Whatever has been winning strategy until this point has to be refurbished with innovation and timeliness. This can be a recipe to enjoy multiple competitive advantages. Reach out to us for hitherto unseen material on E-commerce website development in our treasury. We inhabit this tendency to make quick judgments helping you own your results and stand up for your work. Want us to be your counsel? Yes Please!
Vipin Jain is the Co-Founder and CEO at Konstant Infosolutions and is in charge of marketing, project management, administration and R&D at the company. With his marketing background, Vipin Jain has developed and honed the company’s vision, corporate structure & initiatives and its goals, and brought the company into the current era of success.